Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2018 | Apr. 15, 2018 | |
Document And Entity Information | ||
Entity Registrant Name | EXP World Holdings, Inc. | |
Entity Central Index Key | 1,495,932 | |
Document Type | 10-Q | |
Document Period End Date | Mar. 31, 2018 | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Is Entity a Well-known Seasoned Issuer? | No | |
Is Entity a Voluntary Filer? | No | |
Is Entity's Reporting Status Current? | Yes | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 56,303,864 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2,018 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) | Mar. 31, 2018 | Dec. 31, 2017 |
CURRENT ASSETS | ||
Cash and cash equivalents | $ 8,340,851 | $ 4,672,034 |
Restricted cash | 1,770,599 | 923,193 |
Accounts receivable, net of allowance $174,464 and $179,759, respectively | 9,110,304 | 6,912,657 |
Prepaids and other assets | 682,995 | 591,034 |
TOTAL CURRENT ASSETS | 19,904,749 | 13,098,918 |
OTHER ASSETS | ||
Fixed assets, net | 1,868,413 | 1,538,213 |
TOTAL OTHER ASSETS | 1,868,413 | 1,538,213 |
TOTAL ASSETS | 21,773,162 | 14,637,131 |
CURRENT LIABILITIES | ||
Accounts payable | 750,657 | 635,087 |
Customer deposits | 1,770,599 | 923,193 |
Accrued expenses | 13,473,684 | 8,818,180 |
TOTAL CURRENT LIABILITIES | 15,994,940 | 10,376,460 |
Commitments and contingencies | ||
STOCKHOLDERS' EQUITY | ||
Common Stock, $0.00001 par value 220,000,000 shares authorized; 56,303,864 and 54,962,535 shares issued and outstanding at March 31, 2018 and December 31, 2017, respectively | 563 | 550 |
Additional paid-in capital | 49,063,199 | 36,848,041 |
Accumulated deficit | (43,292,719) | (32,596,374) |
Accumulated other comprehensive (loss) | 7,179 | 8,454 |
TOTAL STOCKHOLDERS' EQUITY | 5,778,222 | 4,260,671 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $ 21,773,162 | $ 14,637,131 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) | Mar. 31, 2018 | Dec. 31, 2017 |
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts | $ 174,464 | $ 179,759 |
Common stock shares authorized | 220,000,000 | 220,000,000 |
Common stock par value | $ .00001 | $ 0.00001 |
Common stock shares issued | 56,303,864 | 54,962,535 |
Common stock shares outstanding | 56,303,864 | 54,962,535 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Income Statement [Abstract] | ||
Revenues | $ 61,962,531 | $ 21,528,183 |
Operating expenses | ||
Cost of revenues | 55,701,516 | 18,960,135 |
General and administrative | 15,688,748 | 4,775,881 |
Professional fees | 592,365 | 364,460 |
Sales and marketing | 645,797 | 301,222 |
Total expenses | 72,628,426 | 24,401,698 |
Net loss from operations | (10,665,895) | (2,873,515) |
Other income and (expenses) | ||
Interest expense | 0 | (1,715) |
Total other income and (expenses) | 0 | (1,715) |
Loss before income tax expense | (10,665,895) | (2,875,230) |
Income tax expense | (30,450) | (24,591) |
Net loss | $ (10,696,345) | $ (2,899,821) |
Net loss per share attributable to common sharesholders - Basic from continuing operations | $ (.19) | $ (0.06) |
Net loss per share attributable to common sharesholders - Diluted from continuing operations | $ (.19) | $ (0.06) |
Weighted average shares outstanding - basic | 56,193,753 | 52,416,392 |
Weighted average shares outstanding - diluted | 56,193,753 | 52,416,392 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Statement of Comprehensive Income [Abstract] | ||
Net loss | $ (10,696,345) | $ (2,899,821) |
Other comprehensive loss: | ||
Foreign currency translation adjustments, net of tax | (1,275) | 1,037 |
Comprehensive loss | $ (10,697,620) | $ (2,898,784) |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Cash Flows - USD ($) | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
OPERATING ACTIVITIES | ||
Net loss | $ (10,696,345) | $ (2,899,821) |
Adjustments to reconcile net loss to cash provided by operating activities: | ||
Depreciation | 183,321 | 13,265 |
Stock compensation expense | 8,279,109 | 646,232 |
Stock option expense | 1,301,702 | 1,467,735 |
Agent equity program | 2,370,004 | 818,282 |
Changes in operating assets and liabilities | ||
Accounts receivable | (2,175,888) | (320,156) |
Prepaids and other assets | (91,961) | (180,482) |
Customer deposits | 847,406 | 304,542 |
Accounts payable | 115,570 | 150,175 |
Accrued expenses | 4,655,504 | 462,056 |
CASH PROVIDED BY OPERATING ACTIVITIES | 4,788,422 | 461,828 |
INVESTING ACTIVITIES | ||
Acquisition of property and equipment | (513,521) | (213,625) |
CASH USED IN INVESTING ACTIVITIES | (513,521) | (213,625) |
FINANCING ACTIVITIES | ||
Proceeds from issuance of common stock | 0 | 160,000 |
Repurchase and retirement of subsidiary common stock | 0 | (17,842) |
Proceeds from exercise of options | 264,355 | 20,000 |
Principal payments of notes payable | 0 | (13,804) |
CASH PROVIDED BY FINANCING ACTIVITIES | 264,355 | 148,354 |
Effect of changes in exchange rates on cash, cash equivalents and restricted cash | (23,033) | 14,017 |
Net change in cash, cash equivalents and restricted cash | 4,516,223 | 410,574 |
Cash, cash equivalents and restricted cash, beginning of period | 5,595,227 | 2,166,312 |
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF PERIOD | 10,111,450 | 2,576,886 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOWS INFORMATION: | ||
Cash paid for interest | 0 | 558 |
Cash paid for income taxes | 30,450 | 30,675 |
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES | ||
Fixed asset purchases in accounts payable | $ 71,890 | $ 65,728 |
1. Basis of Presentation
1. Basis of Presentation | 3 Months Ended |
Mar. 31, 2018 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | 1. BASIS OF PRESENTATION eXp World Holdings, Inc. (the “Company” or “we” or “eXp”) was incorporated in the State of Delaware on July 30, 2008. Through various operating subsidiaries, the Company operates a cloud-based real estate brokerage operating in most U.S. States, the District of Columbia and the provinces of Alberta and Ontario, Canada. The Company focuses on a number of cloud-based technologies in order to grow an international brokerage without the burden of physical bricks and mortar or redundant staffing costs. The accompanying interim unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 8-03 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In our opinion, the accompanying unaudited Condensed Consolidated Financial Statements reflect all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three-month period ended March 31, 2018 are not necessarily indicative of the results that may be expected for the year ending December 31, 2018. |
2. Summary of Significant Accou
2. Summary of Significant Accounting Principles | 3 Months Ended |
Mar. 31, 2018 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Principles | 2. SUMMARY OF SIGNIFICANT ACCOUNTING PRINCIPLES Principles of Consolidation The accompanying unaudited condensed consolidated financial statements include the accounts of eXp World Holdings, Inc., and its subsidiaries. All inter-company accounts and transactions have been eliminated upon consolidation. Use of Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The Company regularly evaluates estimates and assumptions related to provisions for doubtful accounts, legal contingencies, income taxes, revenue recognition, stock-based compensation, expense accruals, and deferred income tax asset valuation allowances. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected. Restricted Cash The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the statement of financial position that sum to the total of the same such amounts shown in the statement of cash flows. March 31, 2018 December 31, 2017 Cash and cash equivalents $ 8,340,851 $ 4,672,034 Restricted cash 1,770,599 923,193 Total cash, cash equivalents, and restricted cash shown in the statement of cash flows $ 10,111,450 $ 5,595,227 Restricted cash consists of cash held in escrow by the Company’s brokers and agents on behalf of real estate buyers. The Company recognizes a corresponding customer deposit liability until the funds are released. Restricted cash totaled $1,770,599 and $923,193 at March 31, 2018 and December 31, 2017, respectively. Revenue Recognition Effective January 1, 2018, the Company adopted the new revenue standard using the modified retrospective application in which the cumulative effect of initially applying the revenue standard is recognized as an adjustment to the opening balance of retained earnings. Adoption of the new standard did not require the Company to make an adjustment to the opening balance. The Company serves as a licensed broker in the states in which it operates for the purpose of processing residential real estate transactions. The Company is contractually obligated to provide for the fulfillment of transfers of residential real estate between buyers and sellers. The Company provides these services itself and controls the service necessary to legally transfer the residential real estate. Correspondingly, the Company is defined as the Principal. The Company, as Principal, satisfies its obligation upon the closing of a residential real estate transaction. As Principal, and upon satisfaction of our obligation, the Company recognized revenue in the gross amount of consideration to which we expect to be entitled to. Revenue is derived from assisting home buyers and sellers in listing, marketing, selling and finding residential real estate. Commissions earned on real estate transactions are recognized at the completion of a residential real estate transactions. Recently Issued Accounting Pronouncements In February 2016, the FASB issued ASU No. 2016-02 - Leases Recently Adopted Accounting Pronouncements In May 2017, the FASB issued ASU No. 2017-09 - Compensation Scope of Modification Accounting In November 2016, the FASB issued ASU No. 2016-18 – Statement of Cash Flows Statement of Cash Flows In May 2014, the FASB issued ASU No. 2014-09 - Revenue from Contracts with Customers |
3. Fixed Assets, Net
3. Fixed Assets, Net | 3 Months Ended |
Mar. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
Fixed Assets, Net | 3. FIXED ASSETS, NET Fixed assets, net consisted of the following: As of March, 2018 As of December 31, 2017 Computer hardware and software $ 2,435,126 $ 1,982,749 Furniture, fixture and equipment 5,910 5,910 Total depreciable property and equipment 2,441,036 1,988,659 Less: accumulated depreciation and amortization (633,766 ) (450,446 ) Depreciable property, net 1,807,270 1,538,213 Assets under development 61,143 – Fixed assets, net $ 1,868,413 $ 1,538,213 Depreciation expense for the three months ended March 31, 2018 and 2017 was $183,321 and $13,265, respectively. |
4. Stockholders' Equity
4. Stockholders' Equity | 3 Months Ended |
Mar. 31, 2018 | |
Equity [Abstract] | |
Stockholders' Equity | 4. STOCKHOLDERS’ EQUITY As of March 31, 2018, the Company had 56,303,864 shares of common stock issued and outstanding. The following provides a detailed description of the stock-based transactions completed during the three months ended March 31, 2018: During the three months ended March 31, 2018, the Company issued 208,324 shares of common stock in exchange for services totaling $2,370,004, which includes the expense activity in our 2015 Agent Equity Program. During the three months ended March 31, 2018, the Company issued 61,598 shares of common stock in exchange for services totaling $8,279,109, which included the expense activity for Real Estate Agent Growth and Other Incentive Programs. 2015 Agent Equity Program The Company provides agents and brokers the opportunity to elect to receive 5% of commissions earned from each completed residential real estate transaction in the form of common stock. If agents and brokers elect to receive portions of their commissions in common stock, they are entitled to receive the equivalent number of shares of common stock, based on the fixed monetary value of the commission payable. The shares are issued at a 20% discount to market on the date of issuance. We recognize this 20% discount as an additional cost of sales charge during the periods presented. All agents and brokers in good standing with the Company are eligible to participate in the Agent Equity Program. To be considered in good standing, agents and brokers must be current in their financial obligations, including all fees, to the Company. In addition, all required licenses, local, state and national dues and subscriptions which are required to conduct real estate business in their state must be current and in effect. During the three months ended March 31, 2018 and 2017, the Company issued 208,324 and 212,829 shares, respectively, of common stock to agents and brokers for total consideration of $2,370,002 and $818,282, respectively, for the settlement of commissions payable. Real Estate Agent Growth Incentive Program The Company administers an equity incentive program whereby agents and brokers become eligible to receive awards of the Company’s common stock through agent attraction and performance benchmarks. Agents who qualify are awarded common stock based on achievement of performance milestones. Under this program, the Company awards common stock to our agents and brokers that become issuable upon the achievement of certain milestones for both the individual and the recruited agents. The following table illustrates the Company’s stock activity for the Real Estate Agent Growth Incentive Program for the following periods: Shares Weighted Average Fair Value Balance, December 31, 2016 3,057,879 4.05 Granted 2,024,498 7.60 Issued (1,457,538 ) 5.27 Forfeited (565,774 ) 4.76 Balance, December 31, 2017 3,059,065 7.60 Granted 126,862 13.02 Issued (15,280 ) 0.25 Forfeited (58,597 ) 13.14 Balance, March, 2018 3,112,050 13.02 As of March 31, 2018, the Company had 1,625,522 unvested stock awards and 3,112,050 expected to vest, respectively, with unrecognized compensation costs totaling $11,014,296. Stock Option Awards During the three months ended March 31, 2018, the Company granted 150,000 stock options with an estimated grant date fair value of $1,756,128. The assumptions used to estimate the grant date fair value of the awards issued for the three months ended March 31, 2018 include: The following table illustrates the Company’s stock option activity for the following periods: Options Weighted Average Exercise Price Intrinsic Value Weighted Average Remaining Contractual Term (Years) Balance, December 31, 2016 10,747,558 $ 0.67 3.56 7.75 Granted 2,848,231 3.76 – 6.15 Exercised (181,572 ) 0.26 6.86 – Forfeited (2,540,925 ) 2.31 3.20 – Balance, December 31, 2017 10,873,292 $ 1.50 5.08 6.65 Granted 150,000 12.70 – 9.91 Exercised (1,082,907 ) 0.25 11.48 – Forfeited (75,224 ) 3.37 9.14 – Balance, March 31, 2018 9,865,161 $ 1.37 9.93 6.56 Exercisable at March 31, 2018 6,627,257 0.64 10.66 5.54 Vested at March 31, 2018 7,293,640 $ 0.80 10.51 5.81 As of March 31, 2018, the total unrecognized compensation cost associated with options was approximately $7,334,000. |
5. Debt
5. Debt | 3 Months Ended |
Mar. 31, 2018 | |
Debt Disclosure [Abstract] | |
Debt | 5. DEBT We have a $500,000 line of credit with a variable interest rate computed on a 360-day year. The variable interest rate is the higher of either 1) the Prime Rate in effect on such day, 2) Daily One Month LIBOR plus one and one-half percent (1.5%), or 3) the Federal Funds Rate plus one and one-half percent (1.5%). The line of credit agreement requires us to comply with various financial covenants as well as customary affirmative and negative covenants that restrict our ability to, among other things, incur debt and liens, make significant investments, dispose of assets and make distributions without prior consent. The line of credit is secured by accounts receivable. The line of credit contains certain financial covenants, including a fixed charge coverage ratio and a tangible net worth. At March 31, 2017, we were in compliance with all of the financial covenants under the line of credit. As of March 31, 2018, we had no amount outstanding under the line of credit. |
2. Summary of Significant Acc12
2. Summary of Significant Accounting Principles (Policies) | 3 Months Ended |
Mar. 31, 2018 | |
Accounting Policies [Abstract] | |
Principles of consolidation | Principles of Consolidation The accompanying unaudited condensed consolidated financial statements include the accounts of eXp World Holdings, Inc., and its subsidiaries. All inter-company accounts and transactions have been eliminated upon consolidation. |
Use of estimates | Use of Estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The Company regularly evaluates estimates and assumptions related to provisions for doubtful accounts, legal contingencies, income taxes, revenue recognition, stock-based compensation, expense accruals, and deferred income tax asset valuation allowances. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between the estimates and the actual results, future results of operations will be affected. |
Restricted cash | Restricted Cash The following table provides a reconciliation of cash, cash equivalents, and restricted cash reported within the statement of financial position that sum to the total of the same such amounts shown in the statement of cash flows. March 31, 2018 December 31, 2017 Cash and cash equivalents $ 8,340,851 $ 4,672,034 Restricted cash 1,770,599 923,193 Total cash, cash equivalents, and restricted cash shown in the statement of cash flows $ 10,111,450 $ 5,595,227 Restricted cash consists of cash held in escrow by the Company’s brokers and agents on behalf of real estate buyers. The Company recognizes a corresponding customer deposit liability until the funds are released. Restricted cash totaled $1,770,599 and $923,193 at March 31, 2018 and December 31, 2017, respectively. |
Recently adopted accounting pronouncements | Recently Adopted Accounting Pronouncements In May 2017, the FASB issued ASU No. 2017-09 - Compensation Scope of Modification Accounting In November 2016, the FASB issued ASU No. 2016-18 – Statement of Cash Flows Statement of Cash Flows In May 2014, the FASB issued ASU No. 2014-09 - Revenue from Contracts with Customers |
2. Summary of Significant Acc13
2. Summary of Significant Accounting Principles (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Accounting Policies [Abstract] | |
Schedule of cash | March 31, 2018 December 31, 2017 Cash and cash equivalents $ 8,340,851 $ 4,672,034 Restricted cash 1,770,599 923,193 Total cash, cash equivalents, and restricted cash shown in the statement of cash flows $ 10,111,450 $ 5,595,227 |
3. Fixed Assets, Net (Tables)
3. Fixed Assets, Net (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |
Schedule of fixed assets | As of March, 2018 As of December 31, 2017 Computer hardware and software $ 2,435,126 $ 1,982,749 Furniture, fixture and equipment 5,910 5,910 Total depreciable property and equipment 2,441,036 1,988,659 Less: accumulated depreciation and amortization (633,766 ) (450,446 ) Depreciable property, net 1,807,270 1,538,213 Assets under development 61,143 – Fixed assets, net $ 1,868,413 $ 1,538,213 |
4. Stockholders' Equity (Tables
4. Stockholders' Equity (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Equity [Abstract] | |
Restricted stock activity table | Shares Weighted Average Fair Value Balance, December 31, 2016 3,057,879 4.05 Granted 2,024,498 7.60 Issued (1,457,538 ) 5.27 Forfeited (565,774 ) 4.76 Balance, December 31, 2017 3,059,065 7.60 Granted 126,862 13.02 Issued (15,280 ) 0.25 Forfeited (58,597 ) 13.14 Balance, March, 2018 3,112,050 13.02 |
Stock option activity table | Options Weighted Average Exercise Price Intrinsic Value Weighted Average Remaining Contractual Term (Years) Balance, December 31, 2016 10,747,558 $ 0.67 3.56 7.75 Granted 2,848,231 3.76 – 6.15 Exercised (181,572 ) 0.26 6.86 – Forfeited (2,540,925 ) 2.31 3.20 – Balance, December 31, 2017 10,873,292 $ 1.50 5.08 6.65 Granted 150,000 12.70 – 9.91 Exercised (1,082,907 ) 0.25 11.48 – Forfeited (75,224 ) 3.37 9.14 – Balance, March 31, 2018 9,865,161 $ 1.37 9.93 6.56 Exercisable at March 31, 2018 6,627,257 0.64 10.66 5.54 Vested at March 31, 2018 7,293,640 $ 0.80 10.51 5.81 |
2. Summary of Significant Acc16
2. Summary of Significant Accounting Principles (Details - Cash) - USD ($) | Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 | Dec. 31, 2016 |
Accounting Policies [Abstract] | ||||
Cash and cash equivalents | $ 8,340,851 | $ 4,672,034 | ||
Restricted cash | 1,770,599 | 923,193 | ||
Total cash, cash equivalents, and restricted cash | $ 10,111,450 | $ 5,595,227 | $ 2,576,886 | $ 2,166,312 |
2. Summary of Significant Acc17
2. Summary of Significant Accounting Policies (Details Narrative) - USD ($) | Mar. 31, 2018 | Dec. 31, 2017 |
Accounting Policies [Abstract] | ||
Restricted cash | $ 1,770,599 | $ 923,193 |
3. Fixed Assets, Net (Details)
3. Fixed Assets, Net (Details) - USD ($) | Mar. 31, 2018 | Dec. 31, 2017 |
Property and equipment, gross | $ 2,441,036 | $ 1,988,659 |
Less: accumulated depreciation and amortization | (633,766) | (450,446) |
Depreciable property, net | 1,807,270 | 1,538,213 |
Assets under development | 61,143 | 0 |
Property and equipment, net | 1,868,413 | 1,538,213 |
Computer hardware and software [Member] | ||
Property and equipment, gross | 2,435,126 | 1,982,749 |
Furniture, fixtures and equipment [Member] | ||
Property and equipment, gross | $ 5,910 | $ 5,910 |
3. Fixed Assets, Net (Details N
3. Fixed Assets, Net (Details Narrative) - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2018 | Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | ||
Depreciation and amortization | $ 183,321 | $ 13,265 |
4. Stockholders' Equity (Detail
4. Stockholders' Equity (Details - Restricted stock activity) - Restricted Stock [Member] - $ / shares | 3 Months Ended | 12 Months Ended |
Mar. 31, 2018 | Dec. 31, 2017 | |
Restricted Stock Shares | ||
Restricted stock outstanding, beginning balance | 3,059,065 | 3,057,879 |
Restricted stock granted | 126,862 | 2,024,498 |
Restricted stock issued | (15,280) | (1,457,538) |
Restricted stock forfeited | (58,597) | (565,774) |
Restricted stock outstanding, ending balance | 3,112,050 | 3,059,065 |
Weighted Average Fair Value | ||
Weighted average price - Restricted stock outstanding, beginning balance | $ 7.60 | $ 4.05 |
Weighted average price - Restricted stock granted | 13.02 | 7.60 |
Weighted average price - Restricted stock issued | 0.25 | 5.27 |
Weighted average price - Restricted stock forfeited | 13.14 | 4.76 |
Weighted average price - Restricted stock outstanding, ending balance | $ 13.02 | $ 7.60 |
4. Stockholders' Equity (Deta21
4. Stockholders' Equity (Details - Option activity) - Stock Options [Member] - $ / shares | 3 Months Ended | 12 Months Ended |
Mar. 31, 2018 | Dec. 31, 2017 | |
Options | ||
Beginning balance | 10,873,292 | 10,747,558 |
Granted | 150,000 | 2,848,231 |
Exercised | (1,082,907) | (181,572) |
Forfeited | (75,224) | (2,540,925) |
Ending balance | 9,865,161 | 10,873,292 |
Exercisable | 6,627,257 | |
Vested | 7,293,640 | |
Weighted Average Price | ||
Beginning balance | $ 1.50 | $ 0.67 |
Granted | 12.70 | 3.76 |
Exercised | 0.25 | 0.26 |
Forfeited | 3.37 | 2.31 |
Ending balance | 1.37 | 1.50 |
Exercisable | 0.64 | |
Vested | .80 | |
Intrinsic Value | ||
Beginning balance | 5.08 | 3.56 |
Granted | ||
Exercised | 11.48 | 6.86 |
Forfeited | 9.14 | 3.20 |
Ending balance | 9.93 | $ 5.08 |
Exercisable | 10.66 | |
Vested | $ 10.51 | |
Weighted average remaining contractual term | ||
Weighted average contractual term | 6 years 6 months 22 days | 6 years 7 months 24 days |
Granted | 9 years 10 months 28 days | |
Exercisable | 5 years 6 months 14 days | |
Vested | 5 years 9 months 22 days |
4. Stockholders' Equity (Deta22
4. Stockholders' Equity (Details Narrative) - USD ($) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | |
Common stock issued | 56,303,864 | 54,962,535 | |
Common stock outstanding | 56,303,864 | 54,962,535 | |
Stock Options [Member] | |||
Stock options granted, shares | 150,000 | 2,848,231 | |
Stock options granted fair value | $ 1,756,128 | ||
Unrecognized compensation expense - options | $ 7,334,000 | ||
Volatility rate | 137.50% | ||
Expected term | 6.25 - 10 years | ||
Risk free rate | 2.90% | ||
Dividend payment | $ 0 | ||
Agents and Brokers [Member] | |||
Stock issued for settlement of commissions payable, shares | 208,324 | 212,829 | |
Stock issued for settlement of commissions payable, value | $ 2,370,002 | $ 818,282 | |
2015 Agent Equity Program [Member] | |||
Stock issued for services, shares | 208,324 | ||
Stock issued for services, value | $ 2,370,004 | ||
Real Estate Agent Growth and Other Incentive Programs [Member] | |||
Stock issued for services, shares | 61,598 | ||
Stock issued for services, value | $ 8,279,109 | ||
Unvested stock awards | 1,625,522 | ||
Stock awards expected to vest | 3,112,050 | ||
Unrecognized compensation expense | $ 11,014,296 |
5. Debt (Details Narrative)
5. Debt (Details Narrative) | Mar. 31, 2018USD ($) |
Debt Details Narrative | |
Line of credit maximum amount | $ 500,000 |
Line of credit amount outstanding | $ 0 |